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US: 10 Tips to Manage Finances During & After Divorce

If you are separated from your spouse, considering divorce, or already divorced, Buonforte offers these financial tips.

Tip 1: Hire a financial advisor. You probably have hired a lawyer to walk you through the legal intricacies of divorce. We recommend relying on a licensed financial advisor to do the same for your finances. A financial advisor can help you develop a budget, and plan for future spending and retirement, given your newly single status.

They also can help provide the comprehensive financial analysis that your lawyer can use to justify the settlement of financial affairs. Follow these guidelines on how to choose a financial advisor.

Tip 2: Find and organize important records. You will need access to many records as you update your marital status, name, address, and other changes. Records may include wills, social security cards, powers of attorney, company benefit and retirement statements, life insurance, car titles or payment books, mortgage statements, loan documents, and bank account statements. Check your most recent tax return to ensure that you have a list of all of your assets, and the records that accompany each.